If you’re planning to buy a home in the near future, you’re probably already looking at mortgages available through your bank and other lenders, seeking pre-approval. But before you choose a mortgage and sign on for a loan worth hundreds of thousands of dollars, you’ll want to carefully consider whether you’re truly better off with the DIY approach or whether a mortgage advisor might be able to help you. Mortgage advisors are trusted professionals who work with private clients to get the best terms and rates available.
Here are just three reasons why finding an experienced mortgage advisor is in your best interests.
1.) A Mortgage Advisor Can Give You An Independent Second Opinion
Oftentimes, when dealing with your bank, it can feel like there aren’t that many options available when it comes time to find a mortgage. And although many banks do offer loyalty rewards through their mortgage offerings, that doesn’t necessarily mean the mortgage itself is a good deal.
A mortgage advisor is someone who has seen hundreds of mortgage deals and knows what kinds of terms and rates you can reasonably expect. Before signing on for a mortgage, have an independent advisor review your contract to spot potential problem areas.
2.) A Mortgage Advisor Has Access To Better Rates
When you walk into a bank or lender as a consumer, your lending officer is going to provide you with the bank’s standard market rate for the average borrower with your credit rating and income. But just because you’re getting a standard rate, that doesn’t mean you’re getting a good rate.
A professional mortgage advisor has access to an extensive network of lenders with a variety of offerings, which means your mortgage advisor can almost certainly get you a better rate than what your bank offers. And on a purchase as large as a mortgage, every interest point matters.
3.) A Mortgage Advisor Is A Strong Negotiator
When it finally comes time to make a deal, most first-time homebuyers simply accept mortgage terms without much second thought. After all, getting approved for a mortgage at all is great news for many. But just because you’re offered a mortgage, that doesn’t mean it’s the best mortgage you could get.
A mortgage advisor is an experienced negotiator who knows what the banks and lenders can offer you – and knows when they’re holding back. That’s why you’ll never want to walk into a negotiation without a mortgage advisor on your side.
Working with a professional mortgage advisor can make the mortgage process easier and help you to get a better mortgage. To learn more about how a mortgage advisor can help you, contact your local mortgage professional today. If you are not sure how to do that then please give us a call and we can help you with a list of local advisors who might be able to help you.